New Canaan: Suspected $172K embezzler turns self in

John Nickerson

Updated 10:42 pm, Friday, November 1, 2013

Stephen DeCresenzo, a former employee of Chase Bank in New Canaan, Conn. and a West Haven City Council candidate is facing two counts of first-degree larceny after police said he embezzled $172,000 from New Canaan residents.
Photo: Contributed Photo

Stephen DeCresenzo, a former employee of Chase Bank in New Canaan,...

Stephen DeCresenzo, a former employee of Chase Bank in New Canaan, Conn. and a West Haven City Council candidate is facing two counts of first-degree larceny after police said he embezzled $172,000 from New Canaan residents.
Photo: Contributed Photo

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NEW CANAAN -- A former employee of Chase Bank in New Canaan and well-liked incumbent West Haven City Council candidate turned himself in Friday morning on charges that he embezzled $172,000 from New Canaan residents, police said.

Stephen DeCresenzo, 36, of 9 Apple Tree Terrace, West Haven, turned himself in Friday morning after learning of a warrant for his arrest. New Canaan police told Hearst Connecticut Newspapers earlier this week that they had an arrest warrant for DeCresenzo.

Chase Bank security contacted New Canaan Police Aug. 6 to report possible fraudulent activity between three separate accounts, police said. An investigation into DeCresenzo's activity showed he embezzled $172,000 from two accounts and used a third account to filter the money, police said.

He was arraigned in Norwalk Superior Court Friday morning, and was unable to post his $300,000 bond.

Earlier this week, outgoing West Haven Mayor John Picard, who came into office the same year DeCrescenzo won his first term on the council, said he had no idea DeCrescenzo might be in trouble.

"I know he has a wife and kids, and I hope they are all right," Picard said.

"I have always known him to be friendly, and over the past month or two, nothing with him seemed out of the ordinary or unusual. He has always been friendly, cordial and fun-loving," Suggs said.

Suggs said he did not know how to handle the fact that DeCresenzo is still up for re-election, and his name is on the ballots voters will mark Tuesday. He said he may ask for advice from the secretary of the state's office. "This is crazy, seriously crazy," Suggs said.

West Haven Republican City Council candidate Dave Riccio said DeCrescenzo was very well liked, and said he was sometimes discussed as a potential mayoral candidate. He said he had heard rumors over the past week that DeCrescenzo was in some kind of trouble, but he had not expected a criminal arrest.

"Absolutely it comes as a surprise. He is well regarded because of his involvement in community programs and youth programs. He is one of the party's favorite sons," Riccio said. "The family is well liked in the community. This comes as a shock."